52 Days to Destitution
Article published on 1st August 2008
Over the next few articles we shall be looking into situation that has led to the Association of British Insurers recommending to the Government that frugality and financial saving amongst all Britons should be promoted through active publicity campaigns.
To start then, according to research carried out by the Yorkshire Building Society, by far the vast majority of British citizens are living in relative insecurity when it comes to their finances, with the average Briton having savings that would last a maximum of 52 days if they couldn't work.
The Building Society's analysis demonstrates that although the average monthly outlay is about £1,445, the average accessible savings to most households is only £2,474. Even more alarmingly, over 36% of Britons would be able to survive unaided for 11 days, having less than £500 in accessible savings.
Of either sex, women come out worst with an average of only 46 days worth of savings, 35 to 44 year olds doing even worse at an average of only 39 days. Divorcees come in at the bottom with an average of only 35 days before destitution hits.
These findings are made even more shocking when we take into account that up to 17% of Britons believe that either they or their partner may be affected in the future by sickness or health conditions that will prevent them from working for up to 6 months.
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